Bridgewater Associates, the world’s largest hedge fund, has appointed two co-CEOs to replace David McCormick, who is leaving the expected run for the US Senate.
The hedge fund, which manages about $150 billion in assets, said it was pushing Nir Bar Dea, 40, formerly VP, to share the top job with Mark Bertolini, the association’s co-chair. Bridgewater’s executive board and a former health care executive.
“David has made the decision to leave Bridgewater to consider running for an open Senate seat in his home state of Pennsylvania,” Bridgewater said in a statement Monday signed by Ray Dalio, the billionaire founder. and other managers.
“Through this co-CEO model, we are getting a strong match between Nir, a respected internal leader. . . and Mark, who has extensive experience and is a proven and globally respected CEO. ”
McCormick, a former senior US Treasury official responsible for international economic relations under George W Bush, joined Bridgewater in 2009, becoming co-CEO in 2017 and director sole chief executive officer last year.
He was set to enter the Republican mainstream for the Pennsylvania Senate seat that was being vacated by Pat Toomey. The competition in this year’s midterm elections could play a key role in determining the balance of power in the Senate, which is divided equally between Democrats and Republicans.
As he enters the Republican mainstream, McCormick will be up against Mehmet Oz, the popular TV doctor known as “Doctor Oz” who is running in the front line for the party’s nomination. me.
But McCormick is hope that Republicans in the state would prefer a more mainstream, business-friendly candidate modeled on Glenn Youngkin, the former Carlyle executive who won Virginia Governor’s race against as a Republican in November.